How Many People Use Venmo? (2023–2027)
As the popularity of digital wallets rises, so has the number of Venmo users. If you’re a small business owner thinking about using Venmo as a payment service, knowing how many people use Venmo and how the number of Venmo active users has evolved in recent years can help you arrive at a decision.
Here’s a breakdown of how many people use Venmo today and a forecast of how this is expected to change in the coming years.
Venmo active users: table
|
Year |
Number of Venmo users |
Percentage of population |
|---|---|---|
|
2023 |
62.8 million |
22.3% |
|
2024 |
68.3 million |
24.0% |
|
2025 |
72.9 million |
25.5% |
|
2026 |
76.5 million |
26.5% |
|
2027 |
80.2 million |
27.6% |
How many users does Venmo have in the United States?
According to recent data, there are 68.3 million active users of Venmo in the US in 2024. This marks an 8.8% increase from 2023’s 62.8 million, the largest annual rise anticipated between 2023 and 2027. It also represents 24% of the total population, which means that nearly one out of every four US consumers is a Venmo user.
The research shows that the number of Venmo users has been rising year after year and this growth is expected to continue over the next few years. For instance, this figure is set to rise by 6.7% in 2025, to bring the number of Venmo users in the US to 72.9 million. In the following two years, the company is forecasted to grow its number of active users at a slower rate. The number of Venmo users is expected to rise by 4.9% in 2026 and 4.8% in 2027, to 76.5 million and 80.2 million, respectively. By 2027, this will constitute 27.6% of the overall population, an increase of 5.3 percentage points in four years. In other words, more than one-quarter of the US population in 2027 will be actively using Venmo.
From 2023 to 2027, the number of Venmo users in the US is expected to increase by 17.4 million overall. This marks an increase of 27.7% and an average annual growth rate of 6.3%.
Analysts say the increase in the number of Venmo users in recent years has been largely driven by millennials, who mostly enjoy the services the company provides that allow individuals to send and receive money at no cost.
Venmo active users: demographic
According to a survey in 2022, Venmo usage is heaviest among young adults. Among the younger demographic of 18–29-year-olds, an impressive 57% use Venmo. In other words, more than half of all consumers in this age group are active Venmo users, highlighting the platform’s popularity with the younger generation.
For those aged 30–49, the adoption rate stands at 49%, demonstrating strong usage in this age group as well. While the platform also reaches older adults, usage diminishes—28% of those 50–64 and 15% of individuals 65 and older use Venmo.
Recently the company has been trying to expand its reach by targeting a younger crowd. In 2023, it introduced specialized accounts designed for teenagers, linked directly to their parents’ Venmo accounts. These accounts are equipped with enhanced parental control features, enabling parents to oversee transactions.
Venmo statistics: POS vs. online usage
According to recent data on Venmo usage, the platform is predominantly used for online transactions, with little to no adoption for point-of-sale (POS) payments in physical locations like stores and restaurants. In Q2 2024, 37% of US consumers reported using Venmo for online shopping within the past 12 months, but none indicated using it for in-person purchases at POS terminals.
This trend has been consistent over the years. Back in 2018, just 14% of users reported using Venmo for online transactions, and POS usage was nonexistent. However, online adoption has been steadily rising since then. By H2 2019, 27% of consumers were using Venmo for online purchases. This figure continued to climb, reaching 39% in Q4 2022, before stabilizing at 37–38% throughout 2023 and into Q2 2024.
While Venmo’s presence in physical POS transactions remains negligible, its growing popularity for online payments suggests the platform is carving out a strong niche in the digital payment space.